The Kazakh Parliament has ratified a framework agreement between the government and the OPEC Fund for organizing operations in the private sector. The agreement will allow access to loans, guarantees, and other financial instruments from the Fund. Over the past 50 years, OPEC’s investments have totaled more than $30 billion, supporting over 4,000 projects across 125 countries. In Central Asia alone, more than $1.4 billion has been invested over the past 20 years. Under the agreement, the Fund will be recognized as a full-fledged legal entity in Kazakhstan, enjoying the immunity and privileges granted to international organizations.
«Compared with market conditions, this mechanism is
especially favorable, primarily for capital-intensive and long-term projects.
In addition, strict oversight has been agreed for the targeted use of funds
provided by the OPEC Fund and the implementation of investment programs.
Ratifying the agreement will broaden financing sources, strengthen cooperation
with international financial institutions in Arab countries, and have a
positive impact on the country’s investment climate,» said Saken Arubayev, member of the Senate, the Upper
House of the Kazakh Parliament.
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